On 11 March 2018, Nhlanhla Nene, South African Minister of Finance appointed SizweNtsalubaGobodo Advisory Services (Pty) Limited, represented by Anoosh Rooplal, as the curator of VBS Mutual Bank (VBS).

After a thorough assessment of VBS, Mr Rooplal recommended that an independent review of the business conduct of VBS be undertaken. Consequently, the Deputy Governor of the South African Reserve Bank and Chief Executive Officer (CEO) of the Prudential Authority (PA)[1], Kuben Naidoo, has appointed Advocate T Motau SC as an investigator in terms of section 134 of the Financial Sector Regulation Act 9 of 2017 to conduct a forensic investigation into the affairs of VBS.

The primary objective of the investigation that will be conducted by Advocate T Motau SC is to establish whether:

Any of the business of VBS was conducted with the intent to defraud depositors or other creditors of the bank, or for any other fraudulent purpose;

VBS’s business conduct involved questionable and/or reckless business practices or material non-disclosure, with or without the intent to defraud depositors and other creditors; and

About Author

Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing.
Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications.
In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice.
As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business.
Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope.
Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing.
At Nashua Mobile, he was responsible for application development and enhancing the web sites
At South West Gauteng College, he was the IT Technician and Network Administrator.
During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients
Mphahlele contributes as a Content Manager for BizNis Africa.